Bar-Or of Meridian Capital Group negotiates $15.4 million in acquisition and construction financing for mixed-use condominium development

December 05, 2017 - Financial Digest
Tal Bar-Or, Meridian Capital 

New York, NY Meridian Capital Group has negotiated $15.4 million in acquisition and construction financing for a mixed-use condominium development in the East Village neighborhood of New York City, on behalf of Barrett Design.
 
The 18-month loan, provided by a balance sheet lender, features a floating rate of 6.5% and full-term interest-only payments with two six-month extension options. The financing was negotiated by Senior Managing Director, Tal Bar-Or who is based in the company’s New York City headquarters.
 
The development site, located at Three East Third St., is planned to contain a retail condominium on the ground floor of approximately 4,969 square feet, including the mezzanine and basement levels, and five residential units above. The unit mix will include four full floor units of approximately 1,800 s/f each, and 1,967 s/f duplex penthouse.
 
Situated in a prime location, Three East 3rd St. is in a neighborhood that is known for its unique culture, eclectic mix of residents, down-to-earth attitude and kinetic nightlife. The area is also home to diverse restaurants, buzzing bars, entertainment venues, and vintage shops. New York University and Cooper Union are a short distance from the property and attract students, artists, foodies, and style-hunters to the locale. Getting around New York from the East Village is fast and convenient; the 6, F, and L subway lines and several local and express bus routes are easily accessible.
 
“It was a pleasure and an honor to work with Barrett Design, an architecture and real estate firm known for its distinctive high-quality residential condominiums” said Tal Bar-Or. “I am confident that Barrett Design’s new building will be a beautiful addition to the neighborhood.”

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